Far and away the most popular torrent application on the planet, BitTorrent Inc.’s μTorrent has just hit version 3.0. It’s been in beta testing since Spring, and the third major release is positively overflowing with new features which push it well beyond the simple, lightweight torrent app it once was. Don’t take that the wrong way — μTorrent is still easy on system resources and a very small download. Version 3 just manages to cram a whole lot of functionality into what is still a very small package.

So what’s new in μTorrent 3? There’s one key addition that will be appreciated by those of you who torrent video files (legitimate ones, of course, like Big Buck Bunny and Pioneer One). Before your download has finished, you’ll be able to stream content from μTorrent to your video player of choice — which is a great way to see if what you’re downloading is actually worth continuing to download. It’s worth noting that not all video apps support this kind of streaming, though most of the top picks like VLC handle it with aplomb.

Apart from being able to sneak a peek at your incomplete videos, μTorrent 3 offers some community-powered features which can help you assess the quality of potential downloads. Users can now submit ratings and post comments on a torrent, and BitTorrent has also introduced an add-on, decentralized chat app. Like a standalone IRC client, μChat allows users to create rooms where all things P2P can be discussed openly — or not, since private messages are supported as well.

Another convenience μTorrent 3 offers is remote control of your torrents. Once you’ve enabled remote access in the desktop app you can sign on at remote.utorrent.com or fire up the Android companion app and pause, stop, or remove completed downloads and add new torrents to your queue. The Android app is still considered beta, but it’s very stable and fully functional.

It’s also easier than ever to actually share files with people in μTorrent 3. Simply drag a file from your desktop onto the “drag files to send” box in the bottom-left corner and uTorrent will automatically create a shareable URL you can pass to friends. That’s certainly cool, but μTorrent even goes so far as to offer a download which includes the program itself — just in case you’re trying to share with someone who doesn’t have a torrent application installed.

Want more? Check out the new portable mode. Drop μTorrent 3 on your external USB hard drive and simply plug it in wherever you go to continue your transfers on-the-go — rather than constantly chewing up bandwidth on your own high-speed Internet connection. There are also several cool new apps worth checking out, and the program’s interface has been shined up for the new release.

Whether you’re a veteran torrenter or a complete newbie, μTorrent 3 has plenty to offer. Head on over to the μTorrent website to download it now!